Accounting & Bookkeeping & Small Business Forum

[luefher]

Hi,

We are a recently opened non-prof which doesn't have funds at this time - there is just two of us in it with a common dream and full-time jobs and bills. Not too good with accounting, but learning as we go, I was wondering if there is some free software we could use to track things better - right now we are using MS Money, and it only lets you input one date - I know it matters when a transaction is submitted at the end of the month and settles in the beginning of the next one. If someone could point us out to some software that does that, and/or informatively good so sites, I'd give you a hug you'd never forget!
I didn't see any non-prof forums here - is there none? :idea: (just registered, though)

Luef

[dp1903]

Here's a forum. I'd recommend QuickBooks or Quickbooks Pro.

http://quickbooksgroup.com/.ef25770/

[stasia2003]

luefher wrote: Hi,

We are a recently opened non-prof which doesn't have funds at this time - there is just two of us in it with a common dream and full-time jobs and bills. Not too good with accounting, but learning as we go, I was wondering if there is some free software we could use to track things better - right now we are using MS Money, and it only lets you input one date - I know it matters when a transaction is submitted at the end of the month and settles in the beginning of the next one. If someone could point us out to some software that does that, and/or informatively good so sites, I'd give you a hug you'd never forget!
I didn't see any non-prof forums here - is there none? :idea: (just registered, though)

Luef

I recommend QuickBooks Pro, but Peachtree is ideal for non-profits. I used it once when I used to work for a non-profit organization.

If you want to get software cheaper, I suggest trying Ebay. I got my Quickbooks software alot cheaper that way than going through the retail stores or through Intuit themselves. The only drawback is that your phone tech support maybe limited or non-existent, although I think you can buy it. You just have to check into it.

[RobJ]

luefher wrote: ... right now we are using MS Money, and it only lets you input one date - I know it matters when a transaction is submitted at the end of the month and settles in the beginning of the next one. If someone could point us out to some software that does that, and/or informatively good so sites ...
Can you clarify what you mean by "it only lets you input one date". I'm not a big fan of MS Money, but I suspect it will give you everything that you need at this early (and cash-strapped) stage in the development of your non-profit.

Rob

[luefher]

stasia2003 wrote: luefher wrote: Hi,

We are a recently opened non-prof which doesn't have funds at this time - there is just two of us in it with a common dream and full-time jobs and bills. Not too good with accounting, but learning as we go, I was wondering if there is some free software we could use to track things better - right now we are using MS Money, and it only lets you input one date - I know it matters when a transaction is submitted at the end of the month and settles in the beginning of the next one. If someone could point us out to some software that does that, and/or informatively good so sites, I'd give you a hug you'd never forget!
I didn't see any non-prof forums here - is there none? :idea: (just registered, though)

Luef

I recommend QuickBooks Pro, but Peachtree is ideal for non-profits. I used it once when I used to work for a non-profit organization.

If you want to get software cheaper, I suggest trying Ebay. I got my Quickbooks software alot cheaper that way than going through the retail stores or through Intuit themselves. The only drawback is that your phone tech support maybe limited or non-existent, although I think you can buy it. You just have to check into it.


I am trying PeachTree and it seems to be good. I just need a crash course in accounting now...
Thanks for advising!

[luefher]

RobJ wrote: luefher wrote: ... right now we are using MS Money, and it only lets you input one date - I know it matters when a transaction is submitted at the end of the month and settles in the beginning of the next one. If someone could point us out to some software that does that, and/or informatively good so sites ...
Can you clarify what you mean by "it only lets you input one date". I'm not a big fan of MS Money, but I suspect it will give you everything that you need at this early (and cash-strapped) stage in the development of your non-profit.

Rob

It's a matter of that, let's say, I receive/deposit a check on one date, but it clears and funds are available on a different date. Money only lets you enter one date per transaction and, as little of accounting I know, I believe it makes a difference, especially when, let's say, you deposit a check before the end of fiscal year and it clears after, or for reporting (deposit on 31st, but clears in the beginning of the next month).

[RobJ]

luefher wrote: It's a matter of that, let's say, I receive/deposit a check on one date, but it clears and funds are available on a different date. Money only lets you enter one date per transaction and, as little of accounting I know, I believe it makes a difference, especially when, let's say, you deposit a check before the end of fiscal year and it clears after, or for reporting (deposit on 31st, but clears in the beginning of the next month).
The only date that is important with respect to financial reporting is the date of receipt. The date of receipt is recorded when the check is applied to an outstanding invoice. The date of deposit will be recorded when the deposit is made. As for the date that the check clears, that is certainly important from a cash flow standpoint, but it's not important from a financial reporting standpoint.

As an example - you receive a check on December 23 for an outstanding invoice, you deposit that check on December 27 and that check clears on January 2. The financial reports will use the date of receipt (December 23). The other two dates (deposit and clearing) are for internal use only.

Rob